We are creating some awesome events for you. Kindly bear with us.

Mobile Wallet to “call” off corruption in India

Mobile Wallet to "call" off corruption in India

In 2012, the Director of the Indian Central Bureau of Investigation stated that Indians have about $500 billion of illegal funds in foreign tax havens. This value, according to data by the Swiss Bank Association, is more than the rest of the world combined.

Fast forward 3 years, the Mobile Wallet is the potential key to uncovering the solution to this national epidemic.

The mobile wallet is basically a virtual wallet, stored in mobile devices. One can preload a certain amount in his account listed with a mobile wallet service provider.

They can then spend it on online and offline merchants listed with the mobile service provider. This way, the government can account for ongoing transactions and detect illegal funds better.

Indian Prime Minister Narendra Modi has identified that banks see cashless transactions as the solution to this economic issue.

"I wish that there was a competition among Indian banks to have more and more cashless transactions. This will help in keeping a track of all the transactions and reduce black money that circulates in the country."  said PM Modi.

Since Modi’s election in 2014, solving India’s black money issue has been central to his initiatives to boost the nation’s economy.

Mobile wallet transactions have more than doubled since last year.They are also predicted to increase even more. .  

India’s mobile wallet market is the fastest growing in the Asia Pacific region as itis predicted to generate US$11.5 billion by 2022. Today, the Department of Electronics and IT (DeitY) is spearheading a project which would enable the citizens to pay government bills via mobile wallets.

With India being a large nation with prevalent inequity, this digital technology cannot reach every citizen. Inevitably, a digital transition in consumer lifestyle may also open doors for cyber crimes and violation of consumer’s privacy.  

However, this may be a short term issue when compared with the thriving e-commerce industry, which was initially not as popular as it is now.

The cyber security issues in e-commerce industry have declined with the rise in governmental policies,company patents, and the elevation of protection measures.

India being the third fastest growing economy in Asia, expelling black money from the market is key for the region’s economic position. Economies with low corruption demonstrate direct correlation with citizens’ quality of life and GDP.

With the potential for the national adoption of mobile wallets, the technology will only make it easier for citizens to make payments.

Using this convenient payment method on the daily, helps citizens contribute to a richer and healthier economy.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend